The chief executive of the Rugby-based Autins Group (www.autins.co.uk), which went public six months ago, has stepped down.

A statement said that Jim Griffin has left the automotive-component manufacturer “with immediate effect for personal reasons”.

The company also revealed that, due to a major customer revising its volumes, revenues are expected to be “materially lower than market expectations”.

The statement added: “The continuing strategic focus of the board is to diversify the group’s automotive customers, drive growth in non-automotive applications and expand the geographic footprint.

“The board believes that the group remains on track to become a leading provider of premium acoustic and thermal materials and components to a wide range of sectors and customers.”

Autins Group floated on the London Stock Exchange’s AIM in August 2016, with a market capitalisation of £37.1 million.